New Delhi: Amid the nation’s severe volatility concerns in crude oil prices, the government is likely to increase oil imports from Russia. It is also likely that India’s oil marketing firms may hike their investment portfolios in Russia’s oilfields. The government’s move comes at a time when oil price fluctuations build anxiety in the energy market in the country.
“Today I met had Igor Sechin, the CEO of Rosneft. We elaborately discussed the possibility of oil imports. We are confident we will have a deal,” petroleum minister Dharmendra Pradhan told reporters here on Tuesday.
As India imports a small quantity of oil from Russia, the government is further looking to raise it through a new sea navigation channel between Vladivostok and Chennai. It is also learnt that major oil marketing firms in the country are expected to increase their investment portfolios in Russia’s oilfields with this move.
